LA officially awarded 2028 Olympic Games

Domestic sponsorship for the Tokyo 2020 Olympics has so far reached a record $2.8 billion (£2.11 billion) - nearly three times as much as in any previous summer Games - the International Olympic Committee said on Wednesday.

The IOC decided in July to award both Games at the same time, following the withdrawal of four of the six cities bidding for the 2024 Olympics, amid concerns about the size, cost and complexity of organising the world's biggest multi-sports event.

The evaluation commission signed off on those Monday, saying that although details need to be finalized, it is confident LA can host in 2028.

Mayor Eric Garcetti told the International Olympic Committee members that his city had no idea when it launched this campaign for the third Olympics for Los Angeles that it would lead to the 2028 Games.

Officials from Paris and Los Angeles had stressed that their cities already have more than 90% of the facilities they need to host, reducing the additional cost.

In 2014, the United States Olympic Committee (USOC) announced that it would select the USA candidate city to host the 2024 Games from among four finalists - L.A., Boston, Washington, D.C. and San Francisco.

Boston was the country's original contender to host the 2024 games, but it backed out two years ago.

"This new MOU ensures that our city priorities remain front-and-center in LA 2028's preparations for the Games".

IOC President Thomas Bach, the driving force behind the double award, described the candidacies as a golden opportunity. The last American city to bid for the Summer Games was Chicago, losing the 2016 Olympic vote to Rio de Janeiro. The Proskauer team helped assemble L.A.'s bid book, develop the vision, concept and budget for the Games, secure venue agreements and negotiate with the USOC, form the bid committee and obtain its status as a 501 (c)(3) tax-exempt organization.

In 2015, Boston was initially awarded the USA bid for the 2024 Olympic and Paralympic Games, but dropped out.

The IOC subsequently made a decision to award the 2024 and 2028 Games at the same time, but the two cities had to decide which would go first.

"Bringing the Olympics back home to LA gives us the chance to imagine what our city will look like a decade from now", said Eric Garcetti, Mayor of Los Angeles.

"I want to thank the people of my city, the Angelenos who have believed in the Olympics for over a century", Garcetti said then. The 2028 bid will bring the Summer Olympics back to the United States for the first time since 1996, when the bid was given to Atlanta.

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